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Seven trends affecting credit unions’ future

first_imgIncreased regulation, the rise of cyberthreats, and the seemingly endless flow of cutting-edge technology are changing some of the fundamental ways credit unions do business and lowering the barriers to entry for nontraditional competitors.But futurist Bob Treadway remains unabashedly optimistic.“So much about the future is so positive,” says Treadway, founder of Treadway & Associates.He cites seven trends that most merit deliberation and action by credit union boards:1. Regulation stays ramped up. The pace of new regulation might slow, but the level won’t decrease, particularly if a Democrat wins the U.S. presidential election in 2016. The major initial emphases of the Consumer Financial Protection Bureau (CFPB) and other agencies will mature between 2018 and 2020, which will affect credit unions’ net revenue.“Credit unions will need to do more with less because of the ramp-up of regulatory pressure and erosion of fee income,” Treadway says. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Don’t mess with Spa City’s financial health

first_imgCategories: Letters to the Editor, Opinion The Charter Review Commission has repeatedly praised the financial section of Saratoga Springs’ current commission form of government.In fact, the committee decided to lift this section word-for-word and put it into its proposed new city manager form of government.Bob Batson, the committee’s expert lawyer from SUNY Albany, said that he would recommend our financial controls be used by all other New York state cities. Impartial experts agree.* The state comptroller reports that Saratoga Springs is financially healthy, including having a very positive forecast for future financial health, unlike many upstate cities run by city managers.* Standard & Poor’s and Moody’s bond rating agencies each gave the city very high ratings with positive outlooks. The Moody’s rating was an increase. They even praised Saratoga Springs’ financial management. * Saratoga Springs already has an effective and efficient financial system working for taxpayers delivering great services and the second lowest city tax rate in New York state.There’s no financial rationale to change our government. Taxes are flat, while taxes in others like Watertown, which they want us to imitate, have gone up 32 percent in only six years.As finance commissioner for three terms, I watched over Saratoga Springs residents’ money very carefully, the same high standards our commissioners have today. Vote no.Remigia FoySaratoga SpringsThe writer is chair of SUCCESS.More from The Daily Gazette:Foss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Urgent: Today is the last day to complete the censusSchenectady, Saratoga casinos say reopening has gone well; revenue down 30%EDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Beware of voter intimidationlast_img read more